Insurance Solutions by Industry
Insurance Solutions for Real Estate Agents & Agencies in Cyprus
An agency works between buyers, sellers and property it does not own. We help agencies in Cyprus examine the exposures that come with that position.
The nature of the sector
Property agents help clients make important financial decisions. Wrong details, missed information or unclear advice can cause loss to a buyer, seller, landlord or tenant. Agents may also hold keys, arrange viewings and handle identity, financial or payment information. These duties create risks involving visitors, property, fraud and personal data. Because income often depends on completed deals, disruption can quickly affect commission.
6 Insurance Areas Worth Considering
Every business is different. These are six insurance areas commonly worth considering in this industry, depending on the activities and how the business operates.
Professional Indemnity
Relates to claims arising from inaccurate property details, advice, documents or the handling of a transaction.
Public Liability
Relates to injury or property damage during viewings, inspections and visits arranged by the agency.
Cyber Insurance
Relates to cyberattacks, payment fraud and loss or exposure of identity, financial and property data.
Crime & Fidelity Insurance
Relates to theft, fraud or dishonest acts involving deposits, keys or property entrusted to the agency.
Employers’ Liability
Relates to workplace accidents where the agency employs office staff or agents who travel to properties.
Property / Building & Contents Insurance
Relates to the building, if the business owns it, and to the equipment, furniture and other contents used every day in rented or owned premises.
Realistic examples
What could disrupt your business?
Incorrect information about a property
Incorrect information is given about the features or details of a property, and the client claims they suffered a financial loss.
Important property information not passed on
The client claims they were not told about important information concerning the property before going ahead with the transaction.
Error while handling a sale or rental
A significant error while handling a sale or rental creates a problem or financial loss for the client.
Client injured while viewing a property
A client is injured during a visit or viewing of a property.
Cyberattack and access to client information
A cyberattack affects the agency's systems or allows unauthorised access to client information.
Fire and temporary closure of the office
A fire damages the premises and equipment, and the office has to close temporarily.
These are illustrative examples to help explain risk. They are not statements about what any policy would or would not respond to — that always depends on the wording and the circumstances.
Our approach
Insurance starts with understanding your business.
We start with how the agency works: sales, lettings, management, off-plan or international buyers, and who accompanies viewings. Then we look at how listing information is verified, how client funds and data are handled, and how the team is engaged. That is how the areas worth examining emerge.
This page is general information about the sector. It does not describe policy terms, conditions or exclusions, and it is not a recommendation.
- What the business does
- How it operates day to day
- Premises and equipment
- Employees and the people you rely on
- Customers, clients and visitors
- Professional responsibilities
- Operational dependencies
- Risks that could materially affect you
Vesta Needs Review
Not sure what your business needs?
Start with the Vesta Needs Review. Answer a few simple questions about your business and we will help identify the areas that may be worth reviewing.
Prefer to speak with us?
If you would rather talk it through, tell us a little about your business and we will come back to you. No lengthy forms at this stage.
Insights
